Monday, 30 March 2015
Last updated 2 days ago
May 18 2010 | 11:12am ET
Anil Kumar, the former McKinsey & Co. executive who said that Galleon Group founder Raj Rajaratnam paid him for insider tips, will pay $2.8 million to settle civil charges related to the case.
Kumar agreed to pay $2.6 million in restitution and more than $190,000 in prejudgment interest to settle the Securities and Exchange Commission lawsuit, filed against him after he was arrested last year and charged with passing on confidential information about McKinsey clients to Rajaratnam.
Kumar pleaded guilty in January to conspiracy and securities fraud as part of a plea deal with prosecutors. He told a judge that the Galleon founder paid him as much as $2 million for tips between 2004 and last year—an allegation that Rajaratnam, who has pleaded not guilty, denies.
Kumar faces up to 25 years in prison when he is sentenced, but is likely to get far less due to his cooperation with the investigation.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…